He told a group of businessmen that the mounting debt is perhaps the biggest problem that is dragging the nation down.
"There has to be a commission whose only job is to find ways of managing the country’s debt well," he said.
He said at present, Filipinos, including those newly born, are mired in debt that is not of their making, each owing about P63,000.
"All of us Filipinos have a collective debt of more than P5 trillion. We are in such a situation that we cannot pay interest on that debt without borrowing more. We borrow just to pay the interest alone, not the principal," he said.
He said for this year, the nation is paying its creditors about P270 million in interest.
He added that former national treasurer Leonor Briones, whom he had asked for a briefing on the debt situation, warned him that the country could become another Argentina in two years.
"That means that no lenders would be willing to lend us money," he stressed.
Asked by a supporter how would he solve the debt problem, Lacson admitted that he does not have a comprehensive solution at present.
"We are still studying this, but part of the solution would be improving our tax collection effort and reducing, if not eliminating, inefficiencies in the expenditure of funds, such as corruption," he said.
He said he would offer taxpayers value for their tax money by making sure that none is pocketed by corrupt officials, contractors and suppliers.
"I believe that taxpayers would willingly comply with their tax obligations if they see that their tax payments are being properly and efficiently used," Lacson said.
Those who are earning incomes but are not paying might volunteer to pay, he added.
He pointed out that out of about 14 million income earners, only 2.8 million, mostly government and private sector employees, are paying taxes.
He also said a Lacson presidency would try to bring peace and order in the entire country to promote local and foreign investments, and tourism.
Both the camps of President Arroyo and Lacson’s opposition rival, movie actor Fernando Poe Jr., have said that the senator would withdraw from the race soon.
But Lacson told his supporters here that the claims are just intrigues intended to weaken his presidential candidacy which he said is getting stronger by the day.
"They know that support for my ticket is widening," he said. He has only one teammate: House Minority Leader Carlos Padilla, his lone senatorial candidate.
"Besides, I have not authorized Congressman Pichay and Rod Reyes to speak for me," he said in jest.
He was referring to Surigao del Sur Rep. Prospero Pichay Jr., an Arroyo loyalist, who claimed in at least two press statements this week that under an arrangement Lacson had earlier agreed with Poe, Lacson would quit the race shortly before the May 10 presidential elections and give way to the movie actor.
Pichay said in the meantime, the two opposition candidates are playing their respective "good cop, bad cop" roles in accordance with a script that was supposedly written by ousted President Joseph Estrada.
Rod Reyes is the head of Poe’s media bureau. On Wednesday, he revealed that his candidate and Lacson had a gentleman’s agreement under which the candidate who is trailing in surveys would give way to the other.
The opposition senator and former Philippine National Police (PNP) chief belied both Pichay’s and Reyes’ allegations, reiterating for the nth time that he would pursue his candidacy until the elections.
He said his rivals might soon get the surprise of their lives when he fills his ticket’s vacant vice presidential slot. He refused to go into specifics.
In the course of a question-and-answer session with supporters here, businesswoman Elsie Lee told the crowd that she can vouch for Lacson’s honesty and integrity.
"Ping Lacson is a good man. I know that first-hand from experience," said Lee, a relative of the rich Gaisano family in Cebu who helped coordinate the former PNP chief’s campaign sortie here.
She recalled that in 1989, her son was kidnapped and that it was Lacson and his men who rescued him. At that time, the opposition senator was head of the Cebu Metropolitan District Command.
"For rescuing my son, I offered them money as a reward and as a token of gratitude for what they did but Ping Lacson turned it down. That is Ping for you," Lee said.